Watchcase, a new condominium complex that's under construction in Sag Harbor, is like no other property in the Hamptons.

There are almost no other condos on the East End, and none as luxurious as Watchcase — which is being built in a dilapidated factory building that's being painstakingly restored — making it an attractive option for wealthy buyers who want convenience.

"There's a trend of people who don't want to deal with the extravagant costs and year-round stress of home ownership out east," said James Lansill, managing director of Corcoran Sunshine Marketing Group, which is heading up sales.

They've seen significant interest from European jetsetters who want to come and go as they please, current Hamptons homeowners who want to simplify their lifestyles, and longtime renters, said Gordon Hoppe, SVP at Corcoran.

The 64 homes at Watchcase won't be completed until next winter, but they are already flying off the market: 22 contracts have gone out so far on residences, which are priced between $1.02 million and $10.2 million.

I recently took a seaplane to Sag Harbor to tour the development. It's still a construction pit, but I got a good idea of what Watchcase will look like when it's finished from the model apartment and renderings.

Between the history and location, it's easy to see why buyers are going crazy for it.

First, a bit of history. Sag Harbor was a major whaling town in the early 1800s, and thrived as an industrial center. The factory building that's being converted into luxury condos was originally a cotton mill. Watch manufacturer Bulova later took it over for watchcase production.

The building, located right off Sag Harbor's Main Street and a couple of blocks from the water, was abandoned in the 1980s and became a huge eyesore for the community.

Instead of demolishing the factory and constructing something new, developer Cape Advisors decided to restore the the building and convert it into luxury apartments. When it's finished, it should be restored to its former glory.